ApeSwap AMA Recap
This post will recap the ApeSwap AMA with our guest, Julian, ApeSwap’s Business Development, that took place on the Mogul Telegram channel on Sunday, July 18th.
Can you start off by telling us briefly about ApeSwap and your role within the organization?
Answer: ApeSwap is one of the fastest growing Decentralized Exchanges and Automated Market Makers on Binance Smart Chain. Though I am involved in many aspects of ApeSwap's day to day, my primary focus is Business Development, helping grow and expand ApeSwap through our many partnerships.
Question 2 from @RonnieDacey:
Can you tell the Mogul community more about Apeswap and its features and the benefits the partnership between Mogul and Apeswap will bring to both communities?
Answer: Absolutely. ApeSwap is primarily a DEX and yield farm where users can stake various assets to earn our native token, BANANA. We use this token to incentivize liquidity across our exchange by allowing users to provide liquidity to our liquidity pools and then stake their Liquidity Provider Tokens in our various farms.
This is great for Mogul, as the Mogul community is now able to provide liquidity for the primary STARS-BNB trading pair in order to earn BANANA, creating deeper liquidity in the market for STARS and rewarding users for doing so.
Question 3 from @defiapez:
How long will the LP to earn BANANA with STARS last? How much value per month is issued to LP farmers? Where does the BANANA come from?
Answer: Like most of our farms, the STARS-BNB farm has no planned end date.
BANANA is an inflationary token and we currently mint 10 BANANA per block on BSC, helping us sustain our yield farm, DEX, and liquidity. We combat our inflation with various burn mechanics, including our IAOs, GNANA, and by doing buy backs and burns using the trading fees generated by our DEX 💸
Question 4 from @lulu5016:
Liquidity is the challenge of decentralized exchanges, how does Ape Swap solve this problem?
Answer: We utilize BANANA to incentivize liquidity for our DEX, allowing users to farm and earn BANANA for the liquidity they provide to our exchange, otherwise known as Yield Farming
Question 5 from Niche: What are the distinctive strengths of Apeswap compared to other BSC competitors?
Answer: That's a great question! Beyond innovation, I think our success really boils down to the three things we do best: Brand, community, and our fantastic team's output on a weekly basis.
That being said, we have a number of distinguishing features on our platform such as our GNANA token (BANANA derivative token, helps generate burn and combat whale activity), our Non Fungible Apes NFT collection (Currently the most successful NFT project on BSC), and a number of unique features on our DEX meant to facilitate the best trading experience possible for our users
Question 6 from @lulu5016:
What are Ape Swap strategies in building a big and strong community?
Answer: Community is actually one of the most important foundations of what makes ApeSwap the best crypto project in the space right now, and one of our core pillars. We have an AMAZING team of community admins who do a great job consistently keeping our community engaged and excited for all things ApeSwap, helping us create the most dedicated community on BSC. Just take a quick look at our Twitter, Telegram, or Discord, and you'll find users who truly feel they are part of the ApeSwap family. We've even hired most of our core team directly through our various community channels, with all of them having started as fantastic volunteers
Question 7 from @RonnieDacey:
Do you see any possibility of a collaboration between Mogul and Apeswap in the NFT space? Maybe a Mogul Ape nft series?
Answer: Absolutely!! Would love to eventually partner with Mogul for an NFT series 😄 Seems the ball is officially in your court
Question 8 from @Kosala_1:
How will you manage your platform when something surprising occurs in the future, such as a hack? What processes are in place to prevent this from happening, and what would be the potential response / course of action from your team?
Answer: Great question, security is such an important issue in DeFi and BSC especially. To answer your question, we work closely with a number of top auditors in the space, ensuring that every line of code we push has been properly audited and verified before being made public. We believe in the code we push out and the capabilities of our auditors, but just in case, we also have created a bug bounty program with rewards as high as $100,000 to incentivize users to help keep ApeSwap safe 🔐
If you want more information regarding ApeSwap's security, please check this link: https://ape-swap.medium.com/the-apeswap-jungle-is-safu-41a5416f6e9b
Question 9 from @Nisansala_1:
How did ApeSwap manage to stay afloat in a market where many projects were failing? What is your plan for surviving?
Answer: I think this comes down to how dedicated our community are, and how much we take care of them to make them feel part of our Ape Family ❤️
It's also thanks to the AMAZING work that is consistently being done by our community, both public facing and behind the scenes. We have close to 20 employees working 16 hour days 7 days a week to ensure we make ApeSwap the best project it can possibly be
Question 10 from @OtotyReal:
Apart from saying that you owe your exponential growth to the community, what did the apeswap team do differently?
Answer: We worked harder and better!!
Thanks for all the questions guys, it's been an absolute pleasure being here! And huge thanks to Mogul for having me on.
We couldn't be more excited that Mogul has joined our ApeSwap family, and look forward to many of you joining our amazing Ape community.
A Message from Julian:
Looking forward to our ongoing partnership and future collaborative opportunities between Mogul and ApeSwap and hope to see you all soon in the ApeSwap chats. Let me know if you have any questions about ApeSwap or our products, always happy to help!